AI and climate change future business risks for Indian firms by 2028: Report

New Delhi, Nov 19 (LatestNewsX) Indian firms ranked cyber attacks or data breaches as their top business risk, with AI and climate change as future business risks by 2028, a report said on Wednesday.

Talent attraction and retention challenges persist, while property damage and exchange rate fluctuation are more pronounced in India than the rest of Asia, the report from global professional services firm Aon said.

“Indian businesses are demonstrating remarkable agility in the face of digital disruption, talent adaptability and geopolitical shifts,” said Rishi Mehra, CEO of India, for Aon.

Indian respondents, however, reported that 77.8 per cent of them had losses from property damage, 46.2 per cent from business interruption and 63.6 per cent were impacted by exchange‑rate fluctuations.

Talent challenges and cash flow/liquidity risks have also resulted in losses for nearly half of the respondents, the report said.

Risk management is being increasingly formalised, with 70 per cent of respondents having established dedicated risk and insurance teams and 64.9 per cent measuring the total cost of insurable risk, according to the biennial survey of nearly 3,000 risk managers, C-suite leaders and executives across 63 countries.

Mitigation efforts are robust, with 92.9 per cent having plans and formal reviews for cyber attacks, 90.9 per cent for property damage and 55 per cent of them addressing talent retention.

India is rapidly emerging as a global cybersecurity hub, driven by more than 400 startups and a skilled workforce of over 6.5 lakh professionals, powering a $20 billion cybersecurity industry, according to data from the IT Ministry.

CERT-In is building a robust and trusted cyber defence architecture aligned with the vision of Digital India through its research collaborations, public–private partnerships, and participation in international forums.

aar/na